6 Best Working Capital Loans 2019

A working capital loan is short-term business funding used to finance a company’s day-to-day operations, like buying inventory or covering payroll. Common small business working capital loans are lines of credit, term loans, invoice financing, and merchant cash advances. We reviewed working capital loan providers on costs, terms, and qualifications to identify the six best.

Top 6 Small Business Working Capital Loans 2019

How We Evaluated the Best Working Capital Loan

In evaluating the best working capital loan, we considered a variety of financing types. We kept the small business owner’s desire to quickly and easily access working capital funds top of mind. Understanding each business is unique, we considered the costs and qualifications for various borrowing situations. No matter your circumstances, small business working capital loans are available.

The criteria used to evaluate the best working capital loans for small business wants/needs include:

• Loan Amount: How much each working capital loan provider will lend to you.
• Rates and Fees: What interest rates, costs, or fees you can expect each lender to charge when providing you with a business working capital loan.
• Speed to Funding: How quickly the small business working capital loan provider will grant you access to the funds you need.
• Minimum Qualifications: What factors the lender considers when evaluating your business as a potential borrower, and how quickly you’ll be approved.
• Repayment Terms: How long each provider will give you to repay your loan and under what repayment schedule.
• Collateral Requirements: What, if any, collateral you’ll be required to provide as security for the loan.
• Guarantee Requirements: If the provider will require a personal guarantee from you.

Based on these criteria, OnDeck is our top choice for small business working capital loans. This is because prime borrowers (680 to 700 minimum credit score) can benefit from rates as low as 9%. OnDeck offers some of the longest unsecured repayment terms. Plus, you can also get a small business line of credit for short-term recurring working capital needs.

The top six companies offering working capital loans are:

OnDeck: Best Overall Small Business Working Capital Loan

OnDeck working capital loans are best for prime borrowers (680 to 700 minimum credit score), with rates as low as 9% (overall expected APR of 10% to 100%). Plus, OnDeck offers some of the longest repayment terms, going up to 36 months. Lastly, if you also need a working capital line of credit, with a 600+ credit score you can get up to $100,000 from OnDeck.

OnDeck Working Capital Loan Rates & Fees

OnDeck’s interest rates for its working capital term loan start at 9% (10% to 100% expected APR). Prime borrowers can benefit from OnDeck’s low starting interest rates. While there is no prepayment penalty, you’re responsible for the full interest charge if you pay early (although you’ll likely receive a prepayment discount on the interest).

The typical rates, costs, and fees you can expect to pay on an OnDeck working capital loan are:

• Interest Rates: As low as 9% simple interest and as low as 9.99% AIR (48.7% weighted average) for terms of three to 36 months
• Expected APR: 10% to 100%
• Origination or Maintenance Fees: 0% to 4% of your loan amount
• Prepayment Penalty or Termination Fee: No prepayment penalty, but you owe the full interest charge if you repay early, with a potential prepayment discount applied
• Additional Fees: None

OnDeck is transparent with their loan pricing, similar to BlueVine, and they make their weighted average rate for loans available on their site. Based on the possible APRs for a loan, you can expect a $10,000 to cost between $2.70 and $27.40 in daily interest for every $10,000 you borrow.

OnDeck Working Capital Loan Terms

OnDeck offers two working capital business loans: a shorter-term, fast-working capital solution (three to twelve months) and a longer-term working capital loan (15 to 36 months). Its term loans feature loan amounts up to $500,000, like LoanBuilder, and have daily or weekly payments.

The typical terms for the working capital term loan offered by OnDeck include:

• Loan Amount: $5,000 to $500,000
• Repayment Term: Three to 36 months
• Repayment Schedule: Daily or weekly
• Collateral: Blanket UCC filing on business assets
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to complete the online application and approval in hours; initial funding as soon as the next day

OnDeck Working Capital Loan Minimum Qualifications

When evaluating if your business qualifies for a working capital loan, OnDeck considers your:

• Credit Score: 500+ (check your score for free):
• Time in Business: One+ years
• Annual Gross Business Revenue: $100,000+

At 500+, the credit score qualifications for OnDeck’s working capital term loan products are better than several of the other providers we reviewed.

Other Products Offered by OnDeck

In addition to working capital term loans, OnDeck also offers a line of credit, like BlueVine. The minimum credit score requirements are higher and the maximum loan amount is lower, but it’s still a great option. What’s best is that you can get both a working capital term loan and a line of credit from OnDeck if needed.

The basic rates, terms, and qualifications for an OnDeck line of credit are:

• Starting Interest Rates: As low as 13.99% APR (prime borrowers with 700+ credit scores can potentially get the lowest rates)
• Expected APR: 14% to 61%
• Loan Amount: Up to $100,000
• Repayment Terms and Schedule: Six months with weekly payments
• Credit Score: 600+ (check your score for free)
• Time in Business: One+ years
• Annual Revenue: $100,000+

As with an OnDeck working capital term loan, it takes about 10 minutes to complete the online application and you can be approved within hours. Your initial funding can happen as soon as the next business day. Ongoing advances for its line of credit are funded within 24 hours.

What OnDeck is Missing

While OnDeck offers some of the lowest starting interest rates on this list, it also charges fees, unlike some of the other providers. Also, if you pay your loan early, you’re responsible for paying a fee in the form of interest you would have paid over the term of the loan. This is different from the other providers on our list, except LoanBuilder.

What Users Think About OnDeck

We compiled OnDeck reviews from our website as well as user reviews from around the web. Based on this analysis, we determined OnDeck generally has positive ratings. Users who provided positive feedback said the financial assistance process was easier and quicker because of OnDeck’s professional and friendly customer service. Users who were critical about OnDeck mentioned their costly fees compared to similar companies. Read more on our OnDeck reviews page!

How to Apply with OnDeck

OnDeck offers a working capital line of credit up to $100,000 and working capital term loans up to $500,000. Starting interest rates for the best-qualified borrowers range from 9% to 13.99%. You’ll get repayment terms of six months for a LOC and up to 36 months for a term working capital loan. Its online application takes 10 minutes or less, and you can get funded as soon as the next day.

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LoanBuilder: Best Working Capital Loans for Startups & New Businesses

LoanBuilder is the best for startups and new businesses with at least nine months’ operations wanting repayment terms of 13 to 52 weeks on working capital loans for small business up to $500,000. This provides good flexibility for borrowers to meet their cash flow needs. Plus, LoanBuilder’s pricing has no hidden fees. The expected APR is 12% to 136%, which is slightly higher than OnDeck.

LoanBuilder Working Capital Loan Rates & Fees

LoanBuilder offers single fixed fee loan pricing (called a total interest charge) on its working capital business loans. While there are no prepayment penalties, as with OnDeck, you don’t benefit from paying early. Your total interest charge is determined at the time your loan is originated based on your repayment terms, and is due even if you pay early.

The typical rates, costs, and fees you can expect on a LoanBuilder working capital loan are:

• Interest Rate (Total Interest Charge): Approximately 2.9% to 18.72%, but varies based on your business profile
• Expected APR: 12% to 136%
• Origination or Maintenance Fees: None
• Prepayment Penalties or Termination Fees: No prepayment penalty, but you owe the calculated total interest charge if you repay early
• Additional Fees: $20 returned item fee (aka NSF fee)

Unfortunately, LoanBuilder does not disclose their rates before you apply. Based on the expected APR, a $10,000 loan will have a daily interest cost between $3.30 and $37.30, which is slightly higher than OnDeck.

LoanBuilder Working Capital Loan Terms

LoanBuilder provides the most customizable terms of the providers on our list. You can choose the repayment term (13 to 52 weeks) that best allows you the flexibility to meet your business working capital needs. If you want a lower fee, a shorter repayment term is a better option. If you want a lower payment, you might opt for a longer repayment term.

The typical working capital loan terms offered by LoanBuilder include:

• Loan Amount: Up to $500,000
• Repayment Term: 13 to 52 weeks
• Repayment Schedule: Weekly
• Collateral: Blanket UCC filing
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to complete its online application with approval in days; ongoing funding within 24 hours of request

LoanBuilder Working Capital Loan Minimum Qualifications

To evaluate if your business qualifies for a working capital loan, LoanBuilder considers your:

• Credit Score: 550+ (check your score for free)
• Time in Business: Nine+ months
• Annual Gross Revenue: $42,000+

In addition to the above factors, your business must not have filed for bankruptcy, needs to be located within the 50 United States, and have an active business record with your local Secretary of State. These minimum qualifications compare very favorably to the other fast working capital solutions we reviewed, with annual revenue and time in business lower than most of the providers on our list.

What LoanBuilder is Missing

While LoanBuilder offers small business working capital loans up to $500,000, similar to OnDeck, its maximum repayment terms are only 52 weeks. If you need longer to repay, you might be better off choosing another option. Also, as with OnDeck, you don’t benefit from paying early, as you owe the total interest charge regardless of when you finish paying. This is because the total interest you’re responsible for paying is calculated based on your chosen loan term.

What Users Think About LoanBuilder

We compiled LoanBuilder user reviews from around the web. In so doing, we determined LoanBuilder generally has positive ratings. Customers who provided positive reviews said LoanBuilder’s process was quick and efficient, and its representatives were responsive to requests. Customers who left negative reviews for LoanBuilder said the pricing is too expensive.

How to Apply with LoanBuilder

Applying for a working capital loan up to $500,000 with LoanBuilder takes about 10 minutes. If approved, your rates and terms will be customized to fit the working capital needs of your business. You can expect to make weekly payments for 13 to 52 weeks, with rates of approximately 2.9% to 18.72%.

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BlueVine: Best Working Capital Loans Based on Invoices

A BlueVine accounts receivable financing working capital loan is best for businesses with unpaid invoices within 90 days. Small business working capital loans from BlueVine feature short-term loan amounts up to $5 million, the largest of those we reviewed, and starting weekly rates of 0.25%. BlueVine also offers a small business line of credit up to $250,000, and you could potentially get both loan types.

BlueVine Working Capital Loan Rates & Fees

There are no origination fees or prepayment penalties with BlueVine. This is different from OnDeck, where you’ll pay both an origination fee and a termination fee. With OnDeck, the increased fees compared to BlueVine are offset by lower interest rates starting at 9% for prime borrowers (680 to 700+ credit score).

The typical rates, costs, and fees you can expect on a BlueVine working capital loan are:

• Discount (Interest) Rate: 0.25% to 1.35% per week
• Expected APR: ~13% to 70%
• Origination or Maintenance Fees: None
• Prepayment Penalties or Termination Fees: None
• Additional Fees: $15 wire fee (ACH is free)

Based on the weekly discount rate provided by BlueVine, we calculated the expected APR to be between 13% and 70%. This means that for every $10,000 in invoices that you factor, you will be charged between $3.60 and $19.20 in interest per day.

BlueVine Working Capital Loan Terms

BlueVine offers an advance rate of 85% to 90% on its invoice financing working capital business loan. You can receive advances on $5,000 to $5 million in invoices monthly. BlueVine provides the largest working capital loan of all the providers we reviewed and you don’t have to reapply for additional funds. Instead, you can keep financing invoices after the initial ones are paid back.

The typical working capital loan terms offered by BlueVine include:

• Loan Amount: $5,000 to $5,000,000
• Advance Rate: ~85% to 90% on invoices with face values of $500+ to B2B customers
• Repayment Terms and Schedule: Advances are repaid as customers pay their invoices
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to apply with a decision and funding as soon as the next day; ongoing funding the next day is free (via an ACH) or same day is $15 (via a wire)

BlueVine Working Capital Loan Minimum Qualifications

To evaluate if your business qualifies for a working capital business loan, BlueVine considers your:

• Credit Score: 530+ (check your score for free)
• Time in Business: Three+ months
• Annual Gross Business Revenue: $100,000+

The minimum requirements for time in business are the lowest that we evaluated for our list. This is because your loan is effectively backed by your outstanding invoices. The process of qualifying with BlueVine begins with its 10-minute online application. If you connect BlueVine to your QuickBooks, Xero, or FreshBooks accounts, that’s all the additional information it typically needs to get you qualified and approved.

Other Products Offered by BlueVine

In addition to BlueVine’s fast working capital solution, invoice factoring, BlueVine also offers a business line of credit. The line of credit amount of $250,000 is much lower than its factoring limits of $5 million. Further, the minimum credit score of 600+ is much higher than the 530+ required for invoice factoring. However, if needed, you can qualify for and receive both working capital loans.

The basic rates, terms, and qualifications for a BlueVine line of credit are:

• Starting Interest Rates: 4.8%
• Expected APR: ~18% to 86%
• Loan Amount: $5,000 to $250,000
• Repayment Terms and Schedule: Six or 12 months, weekly or monthly
• Credit Score: 600+ (check your score for free)
• Time in Business: Six+ months
• Annual Revenue: $100,000+

You’ll need to provide BlueVine with a connection to your checking account or three months of your most recent bank statements. With a six-month or more time in business requirement, a line of credit from BlueVine is an excellent option for newer businesses.

What BlueVine is Missing

To get up to $5 million in working capital financing with BlueVine, you need to have B2B invoices to borrow against. If you don’t invoice B2B customers, then a working capital loan from BlueVine won’t work for your business. You could, however, still get a fast working capital solution from BlueVine, as it also offers a small business line of credit up to $250,000.

What Users Think About BlueVine

We look at BlueVine reviews by users from around the web and from our site. In so doing, we determined it generally has positive ratings. Positive BlueVine reviews came from customers who were impressed with its responsive customer support team. Critical BlueVine reviews came from businesses that were unhappy about being denied financing. Read more on our BlueVine reviews page!

How to Apply with BlueVine

You can apply for an invoice financing working capital loan up to $5 million with BlueVine via its online application in 10 minutes or less. If approved, rates start at 0.25% per week and funding is available as soon as the next day. Getting started with BlueVine is quick, as the total time from application to funding is typically one to three business days.

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Funding Circle: Best Medium-Term Business Working Capital Loans

Funding Circle is a great peer-to-peer working capital loan option for creditworthy businesses needing medium-term loans (up to five years) with low rates and monthly payments. While Funding Circle doesn’t have a minimum credit score requirement, you should generally have a score of 620+ and two or more years’ demonstrated ability to repay your debt. The best-qualified borrowers can receive interest rates as low as 4.99% on a working capital loan up to $500,000.

Funding Circle Working Capital Loan Rates & Fees

Funding Circle’s pricing is among the most transparent of the working capital lenders we reviewed. Well-qualified borrowers can benefit from interest rates as low as 4.99%, which is potentially the lowest of the providers on this list. Your interest rate will be determined during the underwriting process based on both your creditworthiness and your repayment term. The shorter the term you choose, the lower the rate you’ll receive.

The typical rates, costs, and fees you can expect on a Funding Circle working capital loan are:

• Interest Rates: 4.99% to 27.79%
• Expected APR: 6% to 35% (includes interest and origination or maintenance fees)
• Origination or Maintenance Fees: 0.99% to 6.99%
• Prepayment Penalties or Termination Fees: None
• Additional Fees: $35 returned item fee (NSF fee) and 5% to 10% late payment fee

Funding Circle provides their rates for specific loan terms and even a calculator on their website for examining your potential payments. For a $10,000 loan, you can expect to pay between $1.60 and $9.60 in daily interest charges.

Funding Circle Working Capital Loan Terms

The working capital loan repayment terms offered by Funding Circle are the longest of the providers we reviewed, other than the SBA loan offered by SmartBiz. While an SBA loan may have longer terms, you’ll need to offer collateral. With Funding Circle, you can potentially be given up to five years to repay with no collateral other than a blanket UCC filing on your business assets.

The typical working capital loan terms offered by Funding Circle include:

• Loan Amount: $25,000 – $500,000
• Repayment Term: Six months to five years
• Repayment Schedule: Monthly
• Collateral: Blanket UCC filing on business assets
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to complete its online application with conditional approval in as soon as 24 hours and funding in as soon as five to up to 10 business days

Funding Circle Working Capital Loan Minimum Qualifications

Working capital business loans from Funding Circle are more difficult to qualify for than some of the other providers, as they are peer-to-peer loans. This means you’ll be funded by a variety of investors in a single fast working capital solution provided by Funding Circle. However, the qualifications are still favorable when compared to the other working capital lenders we reviewed.

To evaluate if your business qualifies for a working capital loan, Funding Circle considers your:

• Credit Score: No minimum requirement, but 620+ likely (check your score for free)
• Time in Business: Two+ years
• Annual Gross Business Revenue: $120,000+
• Required Documentation:
  • Two years’ business tax returns
  • Most recent personal tax return (all 20%+ owners)
  • Six months of bank statements (most recent at the time of application)
  • Copy of your driver’s license and most recent utility bill

Unlike most of the other providers, you’ll be required to provide documentation, such as tax returns, to Funding Circle. One of its primary considerations will be if you have the ability to repay the loan based on your cash flow for the prior two years. While Funding Circle doesn’t specify a minimum debt service coverage ratio (DSCR), 1.25x or better is generally considered acceptable.

What Funding Circle is Missing

The process of applying with Funding Circle is much slower than most of the other working capital loan providers we reviewed, taking about six to 10 days to complete. However, it is still less time than it takes to get an SBA loan, and you can potentially benefit from the lowest rates on our lists if you are a prime borrower (680 to 700+ credit score and a minimum debt service coverage ratio of 1.25x or better).

What Users Think About Funding Circle

We compiled reviews from our own website and considered user reviews from around the web. In so doing, we found that Funding Circle has generally positive ratings. Users who recommend Funding Circle appreciated the quick and easy application process, as well as the transparent fees. Users who were critical about Funding Circle complained about the level of documentation required. Read more on our Funding Circle reviews page!

How to Apply with Funding Circle

You can apply with Funding Circle via its online application to receive up to $500,000 with interest rates as low as 4.99%. Applying online takes only minutes. Funding Circle can typically process your application and get you funded in six to 10 days.

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National Funding: Best Working Capital Loan for Businesses with Poor Credit

National Funding’s merchant cash advance product is a good working capital loan solution for businesses with poor credit that accept credit cards and have exhausted their other options. This is because you can receive advances up to $250,000 with no minimum credit score requirements at 35% to 230% APR. National Funding provides same day approvals with funding in 24+ hours.

National Funding Working Capital Loan Rates & Fees

Since merchant cash advances provide quick funding even to borrowers with poor credit, the typical loan rates charged by National Funding are higher than the other options. National Funding’s loan has no hidden fees, but you need to contact National Funding directly for a customized quote to get the specifics.

The typical rates and fees you can expect on a National Funding working capital loan are:

• Estimated Factor Rate: 1.1 to 1.16
• Expected Interest Rates: 35% to 230% APR, customized for each borrower based on a set percentage of your batched credit card sales
• Origination Fees: None
• Prepayment Penalty: None

The estimated APR for National Funding is based on similar merchant cash advance providers that make their information available. Unfortunately, National Funding doesn’t provide rates, but based on these estimates, you can expect to pay daily interest between $9.60 and $63.00 for every $10,000 you borrow, which is the highest potential rate we evaluated.

National Funding Working Capital Loan Terms

As with its loan rates and fees, National Funding’s typical loan terms for its merchant cash advance product aren’t readily available. The best option is to reach out to National Funding for a customized quote. Since approvals are typically granted the same day, finding out the terms they are willing to offer should be easy.

The typical working capital business loan terms for merchant cash advances from National Funding are:

• Repayment Terms and Schedule: Automatically deducted based on a set percentage of your credit cards sales each time they are batched
• Collateral: Unsecured (blanket UCC filing on business assets is likely)
• Personal Guarantee: Likely required
• Speed to Funding: Quick online application with approval as soon as the same day and funding in as few as 24 hours

National Funding Working Capital Loan Minimum Qualifications

National Funding’s merchant cash advance product is a fast working capital solution for businesses with poor credit that accept credit card payments. While you’ll pay more than with the other small business working capital loans we reviewed, the qualifications are much easier.

To qualify you for a merchant cash advance working capital loan, National Funding considers:

• Credit Score: No minimum requirement
• Time in Business: One+ years
• Annual Gross Business Revenue: No requirement, but you must have monthly credit card transactions over $3,000
• Required Documentation: Credit card statements for four months

Other Products Offered by National Funding

In additional to merchant cash advances, National Funding also offers small business loans up to $500,000. Once you’ve improved your credit situation, transitioning to this less expensive product might also be a great solution. Plus, if you need medium-term financing for equipment, National Funding can help you with this as well.

National Funding’s basic small business loan rates, terms, and qualifications are:

• Expected APR: 10% to 136%+ (customized for your business)
• Loan Amount: $5,000 to $500,000
• Repayment Terms and Schedule: Customized for your business; automatic payments
• Credit Score: No minimum credit score requirement, but your credit is checked
• Time in Business: One+ years
• Annual Revenue: $100,000+

National Funding’s basic equipment loan rates, terms, and qualifications are:

• Expected APR: 10% to 136%+ (customized for your business)
• Loan Amount: Up to $150,000
• Repayment Terms and Schedule: Flexible payments options (including seasonal, quarterly, and skip payments) customized for your business
• Credit Score: 620+ (check your score for free)
• Time in Business: Six+ months
• Annual Revenue: No specific requirement

With a variety of funding options, National Funding is a great option for businesses that are working to improve their credit situation to get access to working capital funds. You might start with a merchant cash advance. However, as your credit situation improves, you might be able to graduate into a small business loan or a medium-term equipment loan.

What National Funding is Missing

A merchant cash advance (MCA) is a very expensive option, and so the rates National Funding charges are a drawback. However, if you can’t qualify for other types of working capital business loans, it can still be a good option. A National Funding merchant cash advance is a way to get started on improving your credit situation.

Also, National Funding only offers merchant cash advances to companies that have been in business for at least a year. While it offers financing for companies with poor credit, it’s really only an option if your business is already established. If you’re a newer business and have poor credit, you should consider taking steps to improve your personal credit score.

What Users Think About National Funding

We compiled user reviews from around the web and determined that National Funding has a mix of positive and negative ratings. Customers who gave National Funding positive feedback said that the application process was quick and easy. Some customers who gave National Funding negative feedback complained about the interest rates and hidden charges. Read more on our National Funding reviews page!

How to Apply with National Funding

Because of the high cost up to 200%+ APR and potential cash flow strain, merchant cash advances are only recommended if your other options are exhausted. With National Funding, you can apply online and potentially receive same day approval for up to $250,000.

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SmartBiz: Best Long-Term Small Business Working Capital Loans

SmartBiz SBA working capital loans are good for borrowers with long-term capital needs (e.g., buying equipment) who don’t need immediate funding. Since SBA loans have the lowest rates (estimated at 7.0% to 11.00%) with the longest repayment terms, they’re ideal if you can wait 30+ days for funding. SmartBiz can fund working capital SBA loans up to $350,000 within 30 days.

SmartBiz Working Capital Loan Rates & Fees

The Small Business Administration (SBA) sets the maximum interest rates that banks can charge on 7(a) loans. The current estimated SBA rates range from 7.00% to 11.00%, depending on the size of the loan and the amount being borrowed, which is the lowest maximum rate on our list. As with the loan rates for all providers, the SBA loan rate range fluctuates regularly based market conditions.

SmartBiz Working Capital Loan Terms

The typical SBA working capital loan terms offered by SmartBiz include:

• Loan Amount: $30,000 to $350,000
• Repayment Term: Up to 10 years
• Repayment Schedule: Monthly
• Collateral: Required
• Personal Guarantee: Required
• Speed to Funding: 10 minutes to complete its online application and receive pre-approval with funding in 30 days

SmartBiz can provide fast SBA 7(a) working capital loans for small businesses up to $350,000 within 30 days, which is the lowest limit on our list. If you want a working capital loan from the SBA greater than $350,000 and up to $5,000,000, a traditional bank is a great source of this financing.

SmartBiz Working Capital Loan Minimum Qualifications

The minimum qualifications to qualify for SBA working capital business loans with SmartBiz are the highest on our list besides Funding Circle. This is due to the additional requirement imposed by the SBA to receive a guarantee, as well as the long terms offered by the loan.

To qualify for an SBA working capital loan with SmartBiz, you will need the following:

• Credit Score: 650+ (check your score for free)
• Time in Business: Two+ years
• Annual Gross Business Revenue: Be a small business as determined by the SBA
• Required Documentation: All paperwork required by the SBA’s loan requirements

Other Products Offered by SmartBiz

There are several types of SBA loans, but the most common one is the standard 7(a) loan. The 7(a) loan can be used for working capital, buying a business or a franchise, refinancing debt, real estate, and any other valid business purpose up to $5 million. SBA 504/CDC loans are available for borrowers who want to purchase commercial real estate, equipment, or machinery.

What SmartBiz is Missing

While SmartBiz expedites the process, getting an SBA working capital loan is a much longer process than that offered by the other providers, typically taking 45 days or longer. With the other small business working capital loans, you can get financing in 24 hours to 10 business days. With an SBA loan from SmartBiz, the whole process typically takes around 30 days.

What Users Think About SmartBiz

We compiled user reviews on SmartBiz from around the web. In so doing, we determined that SmartBiz generally has positive ratings. Customers who gave SmartBiz positive feedback said getting an SBA loan through SmartBiz is generally much quicker than applying directly through a traditional bank. A few customers who were critical said the amount of paperwork required is almost the same as with traditional banks. Read more on our SmartBiz reviews page!

How to Apply with SmartBiz

If you’re looking for a working capital loan up to $350,000 from the SBA, we recommend applying with SmartBiz. SmartBiz will take care of most of the paperwork for you. Get pre-qualified by SmartBiz online in under five minutes and funded within 30 days.

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Alternatives to Working Capital Loans for Small Business

While we provided quite a few options for working capital loans for small business, in some cases the solutions we provided might not work for your business. Examples of this include if you’re a micro business, just started your business, or need a larger credit limit (the maximum limit offered by the providers recommended in this article is $5 million).

Some of the best alternatives to a working capital loan type we reviewed include:

Invoice Factoring

Invoice factoring is a fast working capital solution for businesses with B2B or B2G invoices in need of financing from $5,000 to $20 million. Unlike accounts receivable financing, to get a larger funding amount you’ll typically need to assign your invoices to your provider and give them some customer control.

Small Business Credit Cards

Another alternative to a working capital loan is a business credit card. A business credit card is a good option for businesses that are very small (micro businesses), want to manage employee expenses, or earn rewards. It can also be a good option as a startup business loan with no collateral.

Working Capital Loans for Startups

You can’t really get working capital loans for brand-new startups. However, there are other funding options available for startups, such as using your 401(k) to fund your business. Another possible option is getting a startup SBA loan. Evaluating the available options will help you make the best possible informed decision about the type of financing that’s right for you.

Bottom Line

For a growing business, having access to working capital is absolutely critical. We’ve discussed the best small business working capital loans in this article, and most businesses will find a good fit with one of the companies we reviewed.

OnDeck is our top choice for small business working capital loans. Prime borrowers (680+ credit score) can benefit from some of the lowest rates (as low as 9%). OnDeck also offers some of the longest unsecured repayment terms (up to 36 months). Plus, borrowers with credit scores as low as 500 can potentially qualify. Get pre-qualified in 10 minutes and funded in a day.

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